AFSA and a coalition of trade associations (the “Trades”) filed an amicus brief supporting TD Auto Finance in Pulliam v. TD Auto Finance, a case concerning the Federal Trade Commission (FTC) Holder Rule. Under this rule, every consumer credit contract must contain a two-sentence clause. The first sentence subjects any “holder” or seller of the contract to all claims and defenses that the “debtor” may have against the seller under the contract. The second sentence limits the debtor’s “recovery” to the amount the debtor paid under the contract.
At issue is whether “recovery” includes attorney fee awards, as well as damages, in the Holder Rule’s second sentence. In the amicus brief, the Trades argue that the Holder Rule’s second sentence limits all monetary recovery from the holder, including attorney fees as well as damages, that the debtor asserts against the seller for misconduct, citing the plain meaning of the statute and the broadness of the word “recovery”. As such, the Trades urge the Court to apply the plain language of the entire Holder Rule in its decision, including the word “recovery”, which encompasses all monetary sums awarded by a judgment, both damages and any attorney fee award.
AFSA, Trades File Amicus in FTC “Holder Rule” Case
Nov 23, 2021
AFSA and a coalition of trade associations (the “Trades”) filed an amicus brief supporting TD Auto Finance in Pulliam v. TD Auto Finance, a case concerning the Federal Trade Commission (FTC) Holder Rule. Under this rule, every consumer … Read the rest
AFSA Urges PPP Loan Forgiveness for Finance Companies
Nov 18, 2021
This week, AFSA submitted a letter for the record to the House Small Business Committee requesting that Congress instruct the Small Business Administration (SBA) to clarify that finance companies are eligible for Paycheck Protection Program… Read the rest
STATEMENT | House Members Introduce Anti-Consumer Rate Cap Bill
Nov 18, 2021
This week, Reps. Jesús “Chuy” García (D-IL), Glenn Grothman (R-WI), and other House Democrats reintroduced a 36% “all-in” rate cap bill. The bill, entitled, The Veterans and Consumers Fair Credit Act (H.R. 5974), would extend the Military… Read the rest
AFSA Outlines Dangers of Credit “Repair” Organizations
Nov 17, 2021
In a letter to the Democratic and Republican leaders on the Senate Banking Committee, AFSA shared its thoughts on the current state of credit reporting.
Specifically, AFSA highlighted the increasing number of frivolous or duplicative credit… Read the rest
Navigating with Confidence Under the Umbrella of Economic Uncertainty
Nov 17, 2021
The following blog post is from LexisNexis Risk Solutions as an add-on to their recent Extra Credit Podcast episode with Solomon Semere, Senior Director, Credit and Marketing Strategy and Craig Stockum, Sales Director.
Historically, the… Read the rest
WATCH | Throw the Baby Out with the Bath Water?
Nov 17, 2021
At some point in your product evolution, you’ll reach a point where you’ll ask yourself, “Is it time to start over?” It’s inevitable. Or it should be. But, what if you’ve recently gotten in bed with your once-top competitor and are supporting… Read the rest
Senators Lead Efforts Opposing Postal Banking
Nov 16, 2021
Today, Senator John Boozman (R-AR) led a group of 19 Senators opposing the United States Postal Service’s (USPS) expansion into banking.
In September, the USPS launched a banking pilot program to expand consumer financial services to limited… Read the rest
Registration Open! | Jon Taffer to Keynote 2022 Vehicle Finance Conference & Expo
Nov 15, 2021
Registration is open for AFSA’s 2022 Vehicle Finance Conference & Expo from March 8th – 10th at the Bellagio Las Vegas.
Need more motivation than meeting up in Vegas? We are pleased to announce that Jon Taffer, star of “Bar… Read the rest
AFSA Attends NCSL
Nov 11, 2021
AFSA’s State Government Affairs (SGA) team recently attended the National Conference of State Legislatures (NCSL) Legislative Summit in Tampa, Florida on November 3 and 4. At the summit, state legislators and regulators as well as … Read the rest
Remembering America’s Finest
Nov 11, 2021
Veterans Day honors the men and women who dedicated their lives in service to our nation’s defense. They’ve chosen to defend the founding principles that make our nation – even in times of great challenge – a model for freedom, justice and human… Read the rest